Dec 31, 2012 5:00am PST
that tax breaks for the wealthiest americans are protected. >> fiscal cliff negotiations are now down to the wire with a midnight deadline just hours away. that's tonight, new year's eve. at stake, the prospect of sweeping tax hikes and across-the-board spending cuts if a deal is not reached. and all indications are it's not looking good. here's the latest. the senate is scheduled to reconvene at 11:00 this morning. any deal today would have to be rushed through both chambers of congress before midnight. as talks in the senate stalled yesterday, minority leader mitch mcconnell reached out to someone he believed could help jump-start the negotiations and perhaps deliver an 11th-hour compromise. that's vice president joe biden. mcconnell and biden reportedly spoke several times by phone throughout the night after talks with harry reid came to a halt. welcome back, everyone, to "morning joe." that's the latest. ed rendell and jeffrey sachs all with us along with sam stein and michael steele in washington. joining us also in washington, senior national correspondent for "bloomberg businessweek," joshua green. and joshua, before we go on to what led to this doomsday sc
Dec 31, 2012 4:00am PST
the fiscal cliff. if congress fails to act in the remaining hours of 2012, taxes will go up on all americans and a series of mandatory government spending cuts will kick in. hello, new year. hello, new recession. after two years of missing self-imposed deadline after self-imposed deadline, all eyes were on the senate over the weekend as the house's failure to even bring a plan to a vote left it up to the upper chamber to find a way out. vice president biden who had remained on the sidelines in this round of talks was even called in to help move things along. but as the saying goes, insanity is doing the same thing over and over again and expecting different results. this morning, insanity continues as the clock ticks down and we have less than 17 hours to go. so joining us now to help us sort out this mess, we have former adviser to the bush administration and the romney campaign, dan senor. dan, will we go over the fiscal cliff? >> i'm afraid we will. i think it will get fixed right after right into the new year but i don't think it will get solved. >> something small, kicking the can down the road? >> correct. >> that same old thing. >> deal with the impasse until we g
Dec 28, 2012 3:00am PST
a recent study, the fiscal cliff gridlock in washington is taking a toll on the nation's consumer confidence. a new survey shows consumer confidence levels in the first half of december falling to the lowest levels since august. an unexpectedly sharp decline. they indicate consumer anxiety stems from worries about the country's fiscal future, not from the current state of the economy. let me ask you, you get around a lot, you see a lot of people. does anyone say what is the story on the fiscal cliff, or do they say, can you believe the bozos in washington? >> the bozos in washington is what i'm more often asked about. what really bothers me is when you look at the fact that people are depending on unemployment insurance, people worried about pay roll taxes going up, and everyone acts like, well, that's not a big thing. there will not be an immediate impact. there will be some immediate impact for some people. which is why you have consumer confidence down. then there's investors and people who are dealing with the nation's debt ceiling. i'm increasing my interest because these guys can't run a government.
Dec 27, 2012 3:00am PST
. it was really terrible. >> that's the bigger news, right? not the fiscal cliff but the fact that tim geithner announced that the debt ceiling will be hit on december 31st, that he has extraordinary measures to take to delay it a little bit, but we're now in a serious situation. the fiscal cliff was a semi-serious situation. this is a very serious situation. >> what you've got, these two things coming together, the cliff and the debt ceiling, you'll have market reactions that reinforces the sense of unpredictability. if you're an investor, if you're running a business, what you want to know is what the playing field is. you want to know what the rules are. nobody knows anything. it means basically things begin to come to a halt. internationally, it raises all sorts of questions about our competence, our seriousness, our reputation. and these are people who are investing here, who are providing us also with the means to float the deficit. these are the people providing a lot of our financing. well, at some point if this goes on long enough, they begin to think, hold it. >> who's wr